The Mortgage Debt Relief Act became effective in 2007. The act allowed owners selling their home as a short sale not be responsible to pay taxes on the deficiency amount. The deficiency amount is the difference between the what is owed on the mortgage and what the proprerty sold for. The tax change means the seller would owe federal income taxes on that amount forgivin by the bank. For example, if the seller is in the 15% tax bracket, they would owe the IRS $15,000 on a $250,000 lien that sold for $150,00. Some real estate analysts think doing away with the tax incentive will sabotage the government’s efforts to gradually move people out of homes they can no longer afford. That will end in 2013, giving homeowners until the end of this year to get out from under their debt without facing tax consequences. Tim Becker, director of the University of Florida's Bergstrom Center for Real Estate,said the tax change may force some owners to walk away from their homes outright. Letting the tax exemption expire doesn't make sense and runs contrary to the government's attempts to bring some financial stability to the housing market.
Ainsley Daux
Florida Realty
(813)546-1954
Saturday, January 14, 2012
Thursday, January 5, 2012
New Tampa Bay Short Sale
Dont miss out on this one.
This home is in mint condition
This home is centrally located near I275, the mall, resturants and entertainment.
It boast 3 bedrooms, 2 full bathrooms, a formal living room, a family room, wooded floors, a fenced yard and much more.
Call before its gone.
Thank you,
Ainsley Daux
Florida Realty
(813)546-1954
Monday, January 2, 2012
Happy New Year
Wow its a new year. Its 2012!!!
May everyone have God Blessesd 2012.
With a new year it bring changes, at least it should bring changes.
If you are considering purchasing a home this year, take the steps now to prepare.
Step one: Pull a copy of your credit. You can use agencies such as Free credit.com or talk to a loan officer.
Step two: Review your credit for descrepencies. Check for open balances that were previously paid off that continues to show an open balance. Also check credit lines that may not belong to you. If you find any balances that were previously paid, contact the credit bureaes and dispute the balances.
Step Three: Save money, if you are planning on obtaining an FHA loan, you will need 3.5% of the purchase price.
Step four: This is critical, plan a budget plan. Track you spending. Keep all your reciepts and review them at the end of the month and try to elimnate careless spending.
Step five: If you have open revolving credit, try to reduce the balances. Do not open any other credit lines, do not go out and buy a new car.
Hope this help.
If you need additional information, please feel free to call.
Thank you,
Ainsley Daux
Florida Realty
(813)546-1954
May everyone have God Blessesd 2012.
With a new year it bring changes, at least it should bring changes.
If you are considering purchasing a home this year, take the steps now to prepare.
Step one: Pull a copy of your credit. You can use agencies such as Free credit.com or talk to a loan officer.
Step two: Review your credit for descrepencies. Check for open balances that were previously paid off that continues to show an open balance. Also check credit lines that may not belong to you. If you find any balances that were previously paid, contact the credit bureaes and dispute the balances.
Step Three: Save money, if you are planning on obtaining an FHA loan, you will need 3.5% of the purchase price.
Step four: This is critical, plan a budget plan. Track you spending. Keep all your reciepts and review them at the end of the month and try to elimnate careless spending.
Step five: If you have open revolving credit, try to reduce the balances. Do not open any other credit lines, do not go out and buy a new car.
Hope this help.
If you need additional information, please feel free to call.
Thank you,
Ainsley Daux
Florida Realty
(813)546-1954
Tuesday, December 13, 2011
Should I get a Home Inspection
Buying a home is a major decision. There's alot of planning and research that is needed proir to purchasing a home. Of course a great buyers agent helps alleviate the pressure and the research that goes along with a purchasing home. Also another pressure reliever is a home inspection. A home inspection is almost like purchasing a car insurance prior to purchasing the car.
An inspector does a physical inspection of the structure and systems of the home. They check the electrical outlets, check each sink and faucet to find any leaks, they will check the ac system amongst many other things. After the inspection, the inspector should provide a summary report that notes repairs that are found along with a full report that is broken down with each component of the home. The components include the foundation, walls, ceilings, floors, windows, doors, heating and air systems, plumbing (interior), electrical systems and the roof. To assure that you understand the report and anything noted, I advise all my buyers to be present at the inspection. Its easier to address questions and concerns while you are there.
The amount for an inspection ranges, by sq ft of the home, region and of course the inspector.
When you are ready for your inspection you can ask your agent for a referral list of inspectors or go to your local merchant circle site to locate an inspector. You can also ask friends and family if they have used someone in the past who they would recommend.
If you want to check for mold, termites or other speciality issues, you will have to hire a specialist to come and inspect the home. home.
Should I get a home inspection? I say absolutely yes. The home inspection can prevent future major expenses; your home is a hugh investment therefore you have to do the preliminary steps prior to making that commitment. Also, remember that there is a "inspection contingency" period therefore after the inspection you can request the seller make the repairs or you can cancel the contract.
To close out, Yes, yes, yes, get a home inspection prior to closing on your home.
Ainsley Daux
Florida Realty
(813)546-1954
An inspector does a physical inspection of the structure and systems of the home. They check the electrical outlets, check each sink and faucet to find any leaks, they will check the ac system amongst many other things. After the inspection, the inspector should provide a summary report that notes repairs that are found along with a full report that is broken down with each component of the home. The components include the foundation, walls, ceilings, floors, windows, doors, heating and air systems, plumbing (interior), electrical systems and the roof. To assure that you understand the report and anything noted, I advise all my buyers to be present at the inspection. Its easier to address questions and concerns while you are there.
The amount for an inspection ranges, by sq ft of the home, region and of course the inspector.
When you are ready for your inspection you can ask your agent for a referral list of inspectors or go to your local merchant circle site to locate an inspector. You can also ask friends and family if they have used someone in the past who they would recommend.
If you want to check for mold, termites or other speciality issues, you will have to hire a specialist to come and inspect the home. home.
Should I get a home inspection? I say absolutely yes. The home inspection can prevent future major expenses; your home is a hugh investment therefore you have to do the preliminary steps prior to making that commitment. Also, remember that there is a "inspection contingency" period therefore after the inspection you can request the seller make the repairs or you can cancel the contract.
To close out, Yes, yes, yes, get a home inspection prior to closing on your home.
Ainsley Daux
Florida Realty
(813)546-1954
Thursday, December 8, 2011
Is Florida's housing market bouncing back
U. S. economists: Fla.’s housing market bouncing back
According to Chief Economist Dr.John Tucillo Floida is in a mini-recovery. “Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets.”In fact, Florida homes today may be undervalued, Tuccillo added. “That may seem like a drastic statement,” he said. “But a buyer who plans to own the home for five to seven years can get some great bargains today.
Working predominately with buyers, I have noticed the lack of iventory especially with bank owned homes. I have also noticed multiple offers on propeties and even noticed properties under contract the first day on the market. As the unemployment rate drops and lenders reduce lax there criteria, I believe will have more prospective buyers. I truly belive purchasing a home is still the "american dream" and many american want to own a home.
"Mark Vitner, senior economist at Wells Fargo in Charlotte, N.C., said the U.S. economy will continue to face significant challenges, particularly financial concerns related to the European debt crisis. But he expects the U.S. economic recovery will continue next year, making it easier for Midwesterners, for example, to buy Florida homes.“Florida’s economy is recovering, with tourism and healthcare leading the way,” Vitner said. “International tourism has been particularly strong in Miami and Orlando.”Looking around the state, Vitner said Jacksonville’s unemployment rate has dropped and home prices are stabilizing. In Orlando, prices have not yet reached bottom, he said, but the winter tourism season should help the regional economy. Tampa and Southwest Florida have seen solid job growth, with little new home construction. South Florida’s economy is growing thanks to trade relationships with Latin America and the Caribbean, while in the Panhandle, Fort Walton Beach is outperforming Panama City and Pensacola, according to Vitner.Dr. Lawrence Yun, chief economist for the National Association of Realtors®, said many Florida markets are showing sharp drops in inventories of homes for sale – a sign that demand is picking up and prices are stabilizing. “That’s a major change from just a year ago,” he said. “Buyers have stepped back into the Florida market.”Noting the state’s powerful appeal to international buyers, Yun said he was particularly optimistic about the outlook for South Florida. “Don’t be surprised to see a gain in home prices in the Miami and Naples markets in the next 18 months,” he said. “From there, the recovery is likely to roll northward to Central Florida and then North Florida.”Tuccillo noted that foreclosed and distressed properties will remain a significant part of the Florida market in 2012, but lenders are feeding these properties into the market at a gradual pace rather than pushing them out all at once.
Ainsley Daux
Lic FL. Realtor
FLorida Realty
(813)546-1954
According to Chief Economist Dr.John Tucillo Floida is in a mini-recovery. “Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets.”In fact, Florida homes today may be undervalued, Tuccillo added. “That may seem like a drastic statement,” he said. “But a buyer who plans to own the home for five to seven years can get some great bargains today.
Working predominately with buyers, I have noticed the lack of iventory especially with bank owned homes. I have also noticed multiple offers on propeties and even noticed properties under contract the first day on the market. As the unemployment rate drops and lenders reduce lax there criteria, I believe will have more prospective buyers. I truly belive purchasing a home is still the "american dream" and many american want to own a home.
"Mark Vitner, senior economist at Wells Fargo in Charlotte, N.C., said the U.S. economy will continue to face significant challenges, particularly financial concerns related to the European debt crisis. But he expects the U.S. economic recovery will continue next year, making it easier for Midwesterners, for example, to buy Florida homes.“Florida’s economy is recovering, with tourism and healthcare leading the way,” Vitner said. “International tourism has been particularly strong in Miami and Orlando.”Looking around the state, Vitner said Jacksonville’s unemployment rate has dropped and home prices are stabilizing. In Orlando, prices have not yet reached bottom, he said, but the winter tourism season should help the regional economy. Tampa and Southwest Florida have seen solid job growth, with little new home construction. South Florida’s economy is growing thanks to trade relationships with Latin America and the Caribbean, while in the Panhandle, Fort Walton Beach is outperforming Panama City and Pensacola, according to Vitner.Dr. Lawrence Yun, chief economist for the National Association of Realtors®, said many Florida markets are showing sharp drops in inventories of homes for sale – a sign that demand is picking up and prices are stabilizing. “That’s a major change from just a year ago,” he said. “Buyers have stepped back into the Florida market.”Noting the state’s powerful appeal to international buyers, Yun said he was particularly optimistic about the outlook for South Florida. “Don’t be surprised to see a gain in home prices in the Miami and Naples markets in the next 18 months,” he said. “From there, the recovery is likely to roll northward to Central Florida and then North Florida.”Tuccillo noted that foreclosed and distressed properties will remain a significant part of the Florida market in 2012, but lenders are feeding these properties into the market at a gradual pace rather than pushing them out all at once.
Ainsley Daux
Lic FL. Realtor
FLorida Realty
(813)546-1954
Friday, December 2, 2011
Bank of America Extends Relocation Assitance
The Florida Enhanced Short Sale Relocation Assistance Program has been extended to Dec. 12, 2011.
This program offers enhanced relocation assistance to help encourage homeowners to engage with Bank of America on a pre-offer short sale. Homeowners may be eligible for relocation assistance between $5,000 and $20,000.*
Eligibility:
Homeowners with property in Florida
*Short sales initiated without an offer between Sept. 26 and Dec. 12, 2011
*The customer will have to be eligible for one of the without an offer programs, such as the *Home Affordable Foreclosure Alternatives (HAFA) program or Bank of America's proprietary program (specific investor participation and eligibility criteria do apply to these programs)
*Successful closing of the eligible short sale by Aug. 31, 2012
For mor information Please contact:
Ainsley Daux
Lic Realtor
Florida Realty
(813)546-1954
This program offers enhanced relocation assistance to help encourage homeowners to engage with Bank of America on a pre-offer short sale. Homeowners may be eligible for relocation assistance between $5,000 and $20,000.*
Eligibility:
Homeowners with property in Florida
*Short sales initiated without an offer between Sept. 26 and Dec. 12, 2011
*The customer will have to be eligible for one of the without an offer programs, such as the *Home Affordable Foreclosure Alternatives (HAFA) program or Bank of America's proprietary program (specific investor participation and eligibility criteria do apply to these programs)
*Successful closing of the eligible short sale by Aug. 31, 2012
For mor information Please contact:
Ainsley Daux
Lic Realtor
Florida Realty
(813)546-1954
Saturday, November 19, 2011
The Key Elements to sucessful Short Sale
What are the key elements to a succesful short sale. If you are the listing agent, the most important thing is a cooperative seller. Cooperative seller in terms of a seller who submitts the required documents at the listing appointment and when a contract has been received. Since time is of essence when a contract has been submitted, it is imperative that the seller submitt the documents to the listing agent within 48 hrs. At the short sale listing appointment, I provide the seller a list of items that is required inorder to process the short sale. The list below are documents that are required from the lender.
1.lenders short sale package,
2.the contract
3. HUD
,4.the lising agreement
5.Hardship letter
6.last 2 paystubs (if employed),
7.last 2 bank statments,
8.last 2 years w-2's,
9.T4506 form
10.A copy of the MLS listing
11.Buyers proof of funds
For more information regarding short sales.
Please call or email.
Thank you,
Ainsley Daux
Lic Realtor
Florida Realty
(813)546-1954
1.lenders short sale package,
2.the contract
3. HUD
,4.the lising agreement
5.Hardship letter
6.last 2 paystubs (if employed),
7.last 2 bank statments,
8.last 2 years w-2's,
9.T4506 form
10.A copy of the MLS listing
11.Buyers proof of funds
For more information regarding short sales.
Please call or email.
Thank you,
Ainsley Daux
Lic Realtor
Florida Realty
(813)546-1954
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